#POGR
S&P DOWNGRADES PETROPAVLOVSK TO "B-" FROM "B"
Failure to secure a waiver for the delayed delivery of first-half 2020 audited accounts would trigger a default and acceleration of the company's $500 million notes. In our base case, we assume Petropavlovsk can secure the required waiver of the technical default but there is no certainty of this occurring, hence our placement of the ratings on CreditWatch negative. In the unlikely scenario that no waiver is provided, the bondholders could request the immediate repayment of the $500 million notes maturing in November 2022. This would create an immediate liquidity crunch for Petropavlovsk, since we estimate that the company could not service this amount from its existing cash sources.
Петропавловск нарушил один из ковенантов - в сроки не представил финансовую отчетность из-за того, что не нашел аудитора. Waiver он заплатить сможет.
S&P DOWNGRADES PETROPAVLOVSK TO "B-" FROM "B"
Failure to secure a waiver for the delayed delivery of first-half 2020 audited accounts would trigger a default and acceleration of the company's $500 million notes. In our base case, we assume Petropavlovsk can secure the required waiver of the technical default but there is no certainty of this occurring, hence our placement of the ratings on CreditWatch negative. In the unlikely scenario that no waiver is provided, the bondholders could request the immediate repayment of the $500 million notes maturing in November 2022. This would create an immediate liquidity crunch for Petropavlovsk, since we estimate that the company could not service this amount from its existing cash sources.
Петропавловск нарушил один из ковенантов - в сроки не представил финансовую отчетность из-за того, что не нашел аудитора. Waiver он заплатить сможет.